Euro was officially adopted as the common currency of European Union by the 16 of the 27 Member States of the Union making it the second largest reserve currency and the second most traded currency in the world after the US dollar. As of today, with more than €751 billion in flow, the euro is the money with the highest combined value of cash in circulation globally. It has also helped propel the Eurozone as the second largest economy in the world. What has worked in favour of Euro is the fact that it is inversely correlated to the US Dollar, which makes it the best bet at hand in case the Dollar falls. This is precisely why, during the meltdown several other European nations also started trading in Euro. Economic manifestation of the European political aspirations, it has succeeded in eroding the monopoly of Dollar.
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